Bitcoin Holds Near $109K: Crucial Support Needed for Further Gains

Bitcoin trades near $109,614, with the crucial support level of $105,000 acting as a key determinant for further bullish movement towards the $120,000 target. Analysts warn that a failure to maintain this support could trigger a significant pullback towards the $70,000 zone. Despite potential risks, institutional investors remain optimistic with Bitcoin ETF assets exceeding $104 billion. This influx points to growing recognition of Bitcoin as a store of value amidst global economic uncertainty.